Pathos AI has licensed exclusive ex-Greater China rights to JSKN016, a bispecific antibody-drug conjugate (ADC) simultaneously targeting TROP2 and HER3, from Jiangsu Alphamab Biopharmaceuticals, a wholly-owned subsidiary of China-based Alphamab Oncology (HKEX: 9966). The deal carries a USD 125 million non-refundable upfront payment, up to USD 2.09 billion in development and commercialization milestones, and tiered royalties at high-single-digit to low-double-digit percentage rates — a total deal value of approximately USD 2.2 billion.
JSKN016 binds to both TROP2 and HER3 on tumor cells, blocking corresponding signaling pathways and releasing a topoisomerase I inhibitor payload via cellular endocytosis.
The dual-target design is intended to address heterogeneous TROP2 and HER3 expression and maintain payload delivery when either antigen is expressed, although a clinical advantage over monospecific ADCs - such as the TROP2 targeted sacituzumab govitecan (Trodelvy) - has not been established. Alphamab said the molecule uses site-specific glycosylation conjugation to produce a homogeneous ADC with a drug-to-antibody ratio of 4. A Phase III study in triple-negative breast cancer (TNBC) is ongoing in China; Phase Ib and Phase I studies of a subcutaneous formulation are also active.
Under the agreement, Alphamab retains full rights in Mainland China, Hong Kong, Macau, and Taiwan, while Pathos assumes all development and commercialization costs in licensed territories. Alphamab also retains manufacturing rights — a structural feature consistent across its recent out-licensing transactions, including a September 2024 deal with CSPC/JMT-Bio for China rights to its HER2 biparatopic ADC JSKN003 and a January 2024 regional license of envafolimab (KN035) by Alphamab and 3DMedicines to Glenmark, in both of which Alphamab retained exclusive supply rights.
For Pathos AI, a New York-based clinical-stage company that uses its proprietary "Foundry" AI platform to identify and develop oncology assets, the company said every asset-level decision flows through Foundry. The deal was announced alongside a co-exclusive licensing and collaboration agreement with AstraZeneca for AZD4241, an ERα proteolysis-targeting chimera (PROTAC) for ER+/HER2- breast cancer. In May 2026, Pathos acquired a majority stake in DeuterOncology to advance a MET inhibitor identified through the same platform. Pathos was also reported to be seeking up to USD 300 million in a Series E at a roughly USD 3 billion valuation concurrent with these announcements, following a USD 365 million Series D in 2025.
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